Industry Minister Prasert Boonchaisuk said the investment promotion value increased 131 per cent year-on-year, while the number of projects rose 29.7 per cent also year-on-year.

Some 348,000 persons were hired as a result of investment incentives, a 61 per cent increase compared to the same period the year before. Over 50 per cent of the investments came from Japan, followed by the Netherlands, and Singapore.

Thailand’s Board of Investment (BoI) this year set a promotion investment target at up to Bt700 billion, lower than the 2012 target. Mr Prasert said that many investors applied for investment promotions last year was because BoI’s promotions were ending at the year-end.

He continued that one of the factors attracting investors was that Thai politics tended to be stable.

Meanwhile, BoI Secretary-General Udom Wongwiwatchai said the new investment promotion will be finished in the middle of this year and will continue to support high value-added industries and labour intensive industries that also applies technology to create skills for workers.